One very useful and economical approach to resolving divorce issues is to negotiate a Property Settlement Agreement (sometimes also called Property and Support Settlement Agreement or Property, Support, and Child Custody Settlement Agreement). The validity and scope of such agreements are governed by the laws of the specific state that has jurisdiction over the particular divorce case at issue. Accordingly, it is important to seek full, independent counsel from a lawyer licensed to practice in that particular state prior to making any decisions or taking any actions with regard to your particular divorce matter.
Generally speaking, in a state like Virginia, property settlement agreements are valid and binding upon the parties and the Court. The settlement agreement can and preferably should address all issues to be resolved in the divorce case, including division of property (assets and liabilities), spousal support, child support, insurance coverage, custody and visitation provisions, grounds for divorce, tax issues, future modification proceedings (for example, regarding custody, visitation, and support), and expenses (such as court costs and attorney's fees).
By negotiating these terms (with the assistance of your respective attorneys and/or through mediation) and incorporating those terms into a properly drafted settlement agreement, the emotional and financial costs of divorce can be significantly reduced. Additionally, the likelihood of subsequent litigation tends to be lessened. It also gives the parties a sense of certainty in the outcome versus the sense of uncertainty and lack of control that many parties experience during contested litigation in court.
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DISCLAIMERS:
This site is not intended to provide legal advice nor should any content or correspondence provided herein be construed as forming an attorney-client relationship. All content is intended as general information for educational and/or entertainment purposes. The attorney responsible for the content of this site is only licensed to practice law in Virginia and the District of Columbia and no content provided on this site is intended as nor should be construed as engaging in the practice of law in any jurisdiction in which said attorney is not authorized by law to practice. Should you require legal advice or representation, please contact an attorney authorized to practice law in your jurisdiction.
Tuesday, April 20, 2010
Monday, April 19, 2010
Divorce in a Bad Economy - Introduction
Divorce is often a difficult, painful, and expensive process, which may only be magnified by today's challenging economic climate. Difficult issues such as spousal support, child support, and division of assets and liabilities can be further complicated by lay-offs, loss of benefits, and diminuation of the family's assets (such as the value of a home and/or 401K account).
Determining the income and financial needs of the family and the value of the parties' assets is further complicated by the lack of certainty about the future. When will the economy recover? When will the jobs return? When will wages improve? When can the home be sold and at what price? In such difficult and murky times, creative and co-operative problem solving approaches to divorce can provide a better result for everyone involved.
In the next blog, LawHelp will outline some of these approaches. To receive notice of future blog postings, you can also follow on Twitter at http://twitter.com/MandellLawHelp.
DISCLAIMERS:
This site is not intended to provide legal advice nor should any content or correspondence provided herein be construed as forming an attorney-client relationship. All content is intended as general information for educational and/or entertainment purposes. The attorney responsible for the content of this site is only licensed to practice law in Virginia and the District of Columbia and no content provided on this site is intended as nor should be construed as engaging in the practice of law in any jurisdiction in which said attorney is not authorized by law to practice. Should you require legal advice or representation, please contact an attorney authorized to practice law in your jurisdiction.
Determining the income and financial needs of the family and the value of the parties' assets is further complicated by the lack of certainty about the future. When will the economy recover? When will the jobs return? When will wages improve? When can the home be sold and at what price? In such difficult and murky times, creative and co-operative problem solving approaches to divorce can provide a better result for everyone involved.
In the next blog, LawHelp will outline some of these approaches. To receive notice of future blog postings, you can also follow on Twitter at http://twitter.com/MandellLawHelp.
DISCLAIMERS:
This site is not intended to provide legal advice nor should any content or correspondence provided herein be construed as forming an attorney-client relationship. All content is intended as general information for educational and/or entertainment purposes. The attorney responsible for the content of this site is only licensed to practice law in Virginia and the District of Columbia and no content provided on this site is intended as nor should be construed as engaging in the practice of law in any jurisdiction in which said attorney is not authorized by law to practice. Should you require legal advice or representation, please contact an attorney authorized to practice law in your jurisdiction.
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